DSA Financial Corporation Reports Earnings For The Third Quarter Ended March 31, 2013 And Declares A Quarterly Dividend

LAWRENCEBURG, Ind., April 12, 2013 /PRNewswire/ -- DSA Financial Corporation (OTCBB: DSFN) announced its financial results for the third fiscal quarter ended March 31, 2013. The Company recorded net earnings of $227,000 or $0.14 per share, reflecting a decrease of $7,000 as compared to the same quarter ended March 31, 2012, when the Company reported net earnings of $234,000, or $0.15 per share.

The quarter-to-quarter decrease in earnings was attributed primarily to a $34,000, or 5.1%, increase in general, administrative and other expense, a $62,000 or 6.6%, decrease in net interest income and a $51,000 or 27.0%, decrease in other income offset by a $135,000 or 77.1%, decrease in provision for losses on loans. General, administrative and other expense was higher due to a $36,000 operating loss in our subsidiary which owns two properties acquired through foreclosure. Other income was lower due to a decrease on the gain on sale of loans.

Net earnings for the nine months ended March 31, 2013 were $825,000, or $0.52 per share, an increase of $101,000, or 14.0%, as compared to the nine month period ended March 31, 2012. The increase in earnings was attributed primarily to a decrease of $351,000 or 78.0%, in provision for losses on loans and a $136,000 or 25.1%, increase in other income partially offset by a $163,000 or 5.4%, decrease in net interest income, a $153,000 or 7.5%, increase in general, administrative and other expense and a $70,000 or 20.5%, increase in income taxes. General, administrative and other expense was higher due to property acquired through foreclosure expenses showing an increase of $112,000 as compared to the period ended March 31, 2012. Other income was higher due to a $52,000 increase on the gain on sale of loans and a $57,400 net gain on the sale of Other Real Estate Owned.

In addition, Edward L. Fischer, President and Chief Executive Officer of DSA Financial, announced today that the Company's board of directors has declared a dividend on its common stock of $0.11 per share. The dividend is payable on May 10, 2013 to stockholders of record as of April 26, 2013.

DSA Financial reported total assets of $115.6 million at March 31, 2013, total liabilities of $98.0 million, including deposits of $88.7 million and total stockholders' equity of $17.5 million.

DSA Financial Corporation is the holding company for Dearborn Savings Bank, a federally chartered savings bank headquartered in Lawrenceburg, Indiana. Dearborn Savings operates through its main office and one branch office.

SOURCE DSA Financial Corporation